In addition to the bankruptcy’s effect on book sales and publishers’ respective bottom lines, Borders’ Chapter 11 filing will have a domino effect on a number of related players, among them: LandlordsPublicly-traded Michigan-based Agree Realty was often cited as being in the most precarious position, because Borders stores made up approximately 20% of their total real estate portfolio (and was as high as 27%). Yesterday Agree released a statement indicating that 5 of the 14 Borders properties it owns (which includes company headquarters in Ann Arbor, up for sale, and two buildings not currently occupied by Borders) are slated for […]
Australia/New Zealand’s Dominant Bookstore Group Also Files for Bankruptcy
Bankruptcy is spreading through the world English-publishing world as Australia and New Zealand’s leading bookselling organization RedGroup Retail has been placed into voluntary administration by private equity owners PEP. The group comprises Angus & Robertson in Australia (with over 160 stores), Whitcoulls in New Zealand (with 65 stores), Borders in Australia (26 stores), New Zealand and Singapore, and the Calendar Club in both Australia and New Zealand. The combined entities employ approximately 2,500 people. The Age reported today that REDgroup “was forced to call in administrators to the businesses this afternoon following a board meeting.” All stores are slated to […]
People, Etc.
Hachette Book Group has reorganized its Online Marketing efforts. Effective today, Kelly Leonard will be VP, Executive Director, Web Strategies, responsible for responsible for the strategy and ongoing development of all HBG corporate and product websites. Associate Director Online Marketing Brad Parsons and Online Marketing Coordinator Brianne Beers move to Grand Central and report to Jennifer Romanello. Anna Balasi joins Little, Brown as Online Marketing Associate, while Sarah Reck will continue to work as a Web Publicist on Center Street titles, but will now report to Harry Helm. Sally Kim will join Touchstone as editorial director, reporting to publisher Stacy […]
People, Etc.
Richard Rhorer has been named associate publisher of Simon & Schuster, reporting to Jonathan Karp. Previously he was director of digital business development at Macmillan. Beach Ball Books, a new children’s book publishing company spearheaded by former Shoreline Publishing Group editorial director Jim Buckley, will launch this fall with six preschool and middle-grade titles focusing on “sports books, board books and plans for a raft of colorful, entertaining books that kids and families will love.” Beach Ball’s list will be sold and distributed by Dave Weiner & Associates and The BookMasters Group. Effective April 1, Simon & Schuster will handle […]
Briefs: Quarto Annual Sales Rise; Hay House to Make Their Own Vooks; Planeta Acquires Bertrand; Gardners To Sell Direct to Consumers; and More
Quarto reported an 8 percent rise in adjusted pre-tax profit for the year to December to £7.4m from £6.9m, and a 7 percent jump in revenue to £113.8m from £106.6m. Its publishing division revenue increased 7 percent to £75.1m. Quarto cited “continued focus on developing markets, in particular Brazil and China, and improved trading in the UK and Australasia” for the revenue and profit gains. Release Hay House has become the first publisher to sign on to use Vook’s engine for creating enhanced ebooks at scale (called MotherVook). The product “converts disparate and varied file formats; combines text, video and […]
HB Fenn Bankruptcy Filing Lists $25M in Liabilities; Macmillan To Ship Direct As of April 1
Canadian distributor HB Fenn confirmed its February 3 bankruptcy announcement in a statement of affairs filed with the Office of the Superintendent of Bankruptcy Canada. In it Fenn lists $25 million (CA) in liabilities against $14.8 million in assets. Fenn owes $21.8 million to unsecured creditors, with Macmillan the largest by far (owed $10 million, with an additional $600,000 owed to its UK arm.) Other notable unsecured creditors, according to Quill & Quire, include four H.B. Fenn-affiliated companies comprising Fenn Publishing, Fenn Technologies, and two numbered corporations bearing H.B. Fenn’s Bolton address who together are owed $4.1 million, HarperCollins ($3.3 million, […]